The Historic Mercantile Building is undergoing a transformation into a premier amenity-rich mixed-use property at the heart of Cincinnati’s urban core. The project includes the complete rehabilitation of two mostly vacant historic buildings - 414 Walnut Street (Mercantile Library Building) and 115 E. 5th Street (Mercantile Center Building or Formica Building) - situated in the heart of the Fountain Square district in Downtown Cincinnati, into a dynamic mixed-use community. Along with the simultaneous redevelopment of the adjacent Traction Building into a brand-new Kimpton hotel, the large-scale revitalization of these buildings represents the $130 million transformation of this prime central business district location catty-corner to Fountain Square. The Mercantile project includes 172 residential units, ranging from studios priced at $1,060/month to 3-bd Penthouse units up to $4,900/month, and consolidates and improves approximately over 60,000 square feet of commercial, retail, and office space.
Amenities include a mid-century resident lounge off the first-floor arcade. The arcade itself functions as a “courtyard” for residents, offering an enclosed all-seasons environment. Atop the Formica building, a rooftop deck and sky lounge will offer show-stopping views of the river and Cincinnati’s bridges and stadiums. In addition, the project will expand and enhance the legendary Mercantile Library, a cultural institution that has been the center of Cincinnati’s literary community for over 200 years.
With the most unique amenity package in downtown Cincinnati, this transformative investment builds on other recent investments in the Fountain Square District, such as Fifth Third Bank’s HQ, the Foundry building with multiple corporate headquarters, 4th and Race, City Club, and Jeff Ruby's Steakhouse, fostering a unique 24/7 hub of activity within a block. The historic nature of the Mercantile structures, the resurgence of other areas of Cincinnati’s historic districts and assets, and the City’s
recent investments in a Cincinnati streetcar, streetscapes, and public spaces all converge to create a truly unique redevelopment opportunity. Having been successful in designating historic status of both buildings, we are uniquely positioned to deliver these properties, at desirable market returns to investors, by utilizing state economic development and historic tax credits to offset the overall cost of the project.
Alex Zyndorf
Model Group
